After the holiday, Shanghai aluminum opened high and oscillated, short-term rise or resistance

On the macro front, the dollar index continued to edge higher in the previous session, and optimistic US economic data supported market interest rate hike expectations
.
At present, the market expects the pace of interest rate hikes to be repeated, but in the process of interest rate hikes, the support below the US dollar is relatively clear; The State Council issued a package of policies and measures to stabilize the economy, including 33 specific measures in six aspects, to continue to warm up macro sentiment
.

In terms of spot, the purchasing willingness of the Wuxi market is not strong, and it is mainly based on wait-and-see; The downstream buyers in the Gongyi market are afraid of heights, and the overall transaction is light; Foshan market holders actively shipped, and the market received goods sentiment was poor
.

At the raw material end, the government safety inspection in Shanxi this week, the mine was stopped; The mining rate in Guizhou was still low under the inspection of the previous environmental protection inspection team; Guangxi has not changed much, and is still dominated by self-mining; At present, the domestic mine has limited ore volume and greater supply pressure
.

In terms of inventory, as of May 30, according to Mysteel statistics, China's electrolytic aluminum social inventory was 954,000 tons, down 14,000 tons from last Thursday (May 26), and in June, with the improvement of the epidemic, Shanghai's resumption of work and production is steadily advancing, the current domestic consumption tends to improve, and the amount of aluminum ingot destocking is expected to continue to expand
.

Overseas, COBAD, a subsidiary of RUSAL Guinea, began a strike last Thursday to demand better working conditions and a salary increase, and COBAD stopped production due to the strike, and COBAD stopped production in March for nearly January due to the Russia-Ukraine conflict disrupting
Rusal's supply chain.

In general, the macro policy side is actively making efforts, the resumption of work and production in East China is in full swing, the improvement of Shanghai aluminum demand side is expected to be strong, coupled with low inventories at home and abroad, aluminum prices are expected to continue to rise; On the other hand, due to the pressure on the domestic supply side, aluminum prices may rise or be resisted, maintaining a weak shock pattern
.